Debt is the condition of owing something to someone. The person who is indebted to others has his hands tied and cannot live independently. His conscience always reminds him that he has something to repay and is more or less a slave. According to a Dutch proverb, “promises make debt and debt makes promises”. Though it would give instant relief while getting something on debt, alter on, when the compulsion comes to repay, the inability leads to depression the situation becomes worse when the indebted person happens to be your close friend. In fact there are innumerable instances where debt has led to the break p of friendship. When you seek money from your friend, decide when you need most is another famous proverb. Hence it is best to avoid debt as much as possible and the best way is to spend less than your income. Here are famous quotes on debt by famous personalities to read and think over.